Low-income patients are often left with poor access to healthcare. AP Photo
Low-income patients are often left with poor access to healthcare. AP Photo
Low-income patients are often left with poor access to healthcare. AP Photo
Low-income patients are often left with poor access to healthcare. AP Photo

Welcome assistance for those most in need


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No one sets up home in the UAE expecting to fall sick, nor still be unable to afford treatment. Yet the worst can happen. For an unfortunate few, who have found themselves battling long-term conditions and struggling to pay medical bills, the decision from the Ministry of Health and Prevention to help residents get the medication they need, even if they do not have the means to pay for them, thanks to a deal struck with medical supply companies, could save lives.

The agreement will allow low-income patients to get free medication for certain ailments. Life-enhancing drugs for illnesses such as multiple sclerosis, psoriasis, arthritis and blood cancers will be free to UAE residents who do not have the means to pay for them, whether they have medical insurance or not. This is especially significant in Abu Dhabi, where the autoimmune disorder multiple sclerosis affects double the global average, according to the World Health Organisation. While the exact cause is not known, vitamin D deficiency, smoking and family history are thought to be risk factors.

Illness can affect us all, regardless of income, background or social status, but it is often the most vulnerable members of society who suffer the most as a result of sickness. At least half the people on the planet do not have access to essential health services and thousands are plunged into poverty because they have to pay for expensive treatments. Studies in the UK and the US have also shown that poor access to medical care significantly reduces lifespan.

Implementing local and nationwide measures to provide free drugs to the needy is crucial to battling these discrepancies. The UAE's healthcare initiative is part of an ambitious drive to secure better treatment for those on lower incomes. In April, a presidential decree granted treatment for rare and life-threatening diseases to patients who could not afford to pay. The initiative was launched as part of the Year of Tolerance and is a reminder that compassion can save lives and that access to medical care should be fundamental to all, regardless of income or social status.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The biog

Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people